Tiger Ltd acquired all the assets except cash of Deer Ltd on $1$ July $2024.$ For this acquisition, Tiger Ltd agreed the following payment to the shareholders of Goat Ltd: $4$ shares of Tiger Ltd for every $3$ shares held in Deer Ltd$,$ together with a cash payment of $$43$ per share to the former shareholders of Deer Ltd$.$ At the time of the transaction, the fair value of Tiger Ltd

and Deer Ltd shares was $$10\mathrm{.}5$ and $$7\mathrm{.}5$ per share, respectively. The costs incurred for the share issue amounted to $$4,500.$

On $1$ July $2024,$ the financial position of Deer Ltd was as follows:

Assets

Carrying amount

$214,500$

$858,0002,252,250(643,500)965,250(107,250)$

$1,179,750858,000(214,500)5,362,500$

$107,250429,000536,250$

$3,000,0001,826,2504,826,2505,362,500$

Fair value

$214,500$

$700,0001,716,000911,625$

$1,608,750654,225$

$107,250429,000$

Total assets Liabilities

Total liabilities Equity

Total equity

Total liabilities and equity

Additional information:

Cash

Accounts receivable

Plant

Accumulated depreciation $$ plant Fixtures & fittings

Accumulated depreciation $$ fixtures&fittings

Land

V ehicles

Accumulated depreciation $$vehicles

Accounts payable Loans

Share capital $-300000$ shares Retained earnings

$(1)$ On $30$ June $2023,$ Deer Ltd had reported a contingent liability relating to a guarantee given by that company to another entity. Deer Ltd did not record the guarantee as a liability

because of the uncertainty in measuring the liability. measuring the liability. The fair value of this contingent liability was assessed as $$52,500$ as at $1$ July $2024.$

$(2)$ The assets of Deer Ltd did not include a patent that was valued by Tiger Ltd at $$37,500.(3)$ Tiger Ltd incurred $$22,500$ in costs in relation to accounting and legal fees in relation to its acquisition of Deer Ltd$.$

Required:

Prepare the journal entries in the records of Tiger Ltd in relation to its acquisition of Deer Ltd on $1$ July $2024.$